Discounts reduce the amount of interest you pay over the life of the loan. The automatic payment discount may not change your monthly payment amount depending on the type of loan you receive, but may reduce the number of payments or reduce the amount of your final payment.

Borrow what you need

Distribute any remaining funds to you, after the school receives your funds.

Borrow up to $15,000 per year for a two-year public or private school, $10,000 per year for a two-year proprietary school and $20,000 per year for a four-year proprietary school.

The lifetime limit for this loan combined with all other education-related debt, including federal loans, is $40,000 for a two-year public or private school, $30,000 for a two-year proprietary school and $100,000 for a four-year proprietary school.

If you're a student with little or no credit history or limited income, a cosigner may help you to qualify for this loan and potentially receive a lower interest rate.

A cosigner is someone who shares responsibility with the student borrower for repaying the loan. A cosigner doesn't have to be a relative; he or she can be any adult who meets the eligibility requirements.

FAQs

Will I need a cosigner?

Most borrowers will need a cosigner for this loan to meet credit, employment, and debt-to-income requirements. Rates are typically higher without a cosigner; however, borrowers that meet these requirements on their own do not need a cosigner (but may still choose to apply with a cosigner).

Who should I ask to be a cosigner?

Any adult who meets the credit and citizenship requirements can be a cosigner for a private student loan.

The cosigner doesn’t have to be a relative; he or she can be anyone who meets the requirements — ideally someone with an established credit history and steady income.

What are the cosigner's responsibilities?

The student borrower and any cosigner share responsibility for ensuring that the loan is repaid.

In the event of the death or total and permanent disability of the student borrower, the loan can be forgiven and the student borrower and any cosigner won’t be responsible for repayment.

Under what circumstances may cosigners be released from their loan responsibility?

A cosigner may be released from the loan if the borrower is a U.S. citizen and contacts Wells Fargo to request release of the cosigner. At the time the borrower asks us to release the cosigner, all the following requirements must be met:

The most recent 24 consecutive monthly payments were made on time including the first required payment or, if the first required payment was not made on time, the most recent 48 consecutive monthly payments were made on time (an “on time” payment is defined as paid within the grace period – no late charges assessed);

No forbearances or modifications were granted for hardship reasons during those consecutive monthly payment periods; and

The borrower meets a full credit and income evaluation.

In the event of the death or total and permanent disability of the student borrower, the loan can be forgiven and the student borrower and any cosigner won’t be responsible for repayment.

Who is responsible for paying the loan?

The student borrower and the cosigner share responsibility for ensuring that the loan is repaid.

If financial hardship makes it difficult to remain current on the loan payments, we encourage you to talk to us to see what options are available.

How does my cosigner apply?

You and your cosigner will be given instructions as to how to complete the application.

Should I choose a variable or fixed interest rate?

Variable interest rates are based on market conditions, so if market rates go up, so do your interest rate and monthly payments. Fixed interest rates stay the same over the life of the loan.

How do interest rates impact monthly payments?

In the examples below, you can see a $10,000 loan, assuming:

You are in school for 48 months (four years).

First required payment will be due six months after you graduate or leave school.

You pay back amount borrowed plus interest in 12 years.

Monthly payment could be:

$118.53 if variable APR is 5.50%

$159.75 if fixed APR is 8.32%

$202.09 if variable APR is 10.84%

How do I know what my interest rate will be?

Your interest rate will be determined by several factors when you apply, most importantly your credit history and that of your cosigner, if applicable.

Your interest rate options will be presented during the application process, at which point you can choose between a specific variable interest rate and specific fixed interest rate.

To be eligible:

You must be enrolled as an undergraduate or graduate student at an eligible school, and seeking a degree, certificate, or license.

You may qualify for this loan even if you are enrolled less than half time.

You must be a U.S. citizen, U.S. national, permanent resident alien without conditions, or international student who is a temporary resident alien with a current U.S. address and proper evidence of eligibility.

You may need a cosigner, unless you meet credit, employment, and debt-to-income requirements. For permanent and temporary resident aliens, a U.S. citizen must cosign the loan.

Wells Fargo private student loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, and if applicable self-certification form, school certification of loan amount, and student’s enrollment at a Wells Fargo-participating school.

Students are not required to make payments while in school; repayment begins six months after you graduate or leave school. The maximum in-school period is:

Four years after the date of first disbursement, if the student attended a 2-year school, or

Seven years after the date of first disbursement if the student attended a 4-year school.

Interest continues to accrue during any deferment periods and is capitalized to the account upon entering repayment.

Interest Rate Discounts:

Discount eligible during application: You may qualify for a relationship interest rate discount if you or your cosigner has any of the following Wells Fargo products prior to your Final Loan Disclosure being issued:

Only one qualifying relationship discount will apply. You will receive the applicable discount for the life of the loan.

Discount eligible during repayment:

Automatically withdrawn payment discount (“ACH”) — 0.25% interest rate reduction to borrowers who have their payments automatically withdrawn from a personal deposit account. This discount does not apply to automatic bill payments set up solely by you. If the automatic payment is canceled at any time after repayment begins, the discount will be lost until automatic payment is reinstated. The 0.25% interest rate reduction is effective the day after the first payment is made using automatic withdrawal during the repayment period. Discount reduces the amount of interest you pay over the life of the loan. The automatic payment discount may not change your monthly payment amount depending on the type of loan you receive, but may reduce the number of payments or reduce the amount of your final payment. Discount does not apply during any deferment or forbearance period.

Wells Fargo reserves the right to modify or discontinue interest rate discount program(s) for future loans or to discontinue loan programs at any time without notice. For details, including eligibility requirements, visit us at wellsfargo.com/student or call 1-800-378-5526.

The Annual Percentage Rate (APR) includes a customer discount of 0.25% for having a prior student loan with Wells Fargo or a qualified Wells Fargo consumer checking account. Variable interest rates are based on an Index, plus a margin. The APR for a variable rate loan may increase during the life of the loan if the index increases. This may result in higher monthly payments.

Annual Percentage Rates and payments are representative samples for educational purposes only, and do not reflect current or actual loan rate offers or available percentage rates.